The Cancellation Reason Types configuration is used for the Policy Admin module. This setting triggers the calculation for Requested End Date and Final End Date fields during a policy surrender process.
For the Personal Accidents product, the following reason types are already set using the Cancellation Reason Types functionality:
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Decline by screening
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Withdrawal
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Insured death
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Closed by Claim
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Cancelled by client
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Cancelled
Cancellation Reason Types can be added, edited or deleted. In order to do so, take the following steps:
To add a new record into your Cancellation Reason Types configuration list for your insurance module, follow the steps:
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Open your FintechOS portal and click the main menu at the top left corner. The main drop-down opens. From the drop-down choose Settings.
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Inside the Settings menu, click on Cancellation Reason Types. The Cancellation Reason Types List page is displayed.
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In the Cancellation Reason Types List page:
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To Add a new record, click Insert, at the top right corner of the page. Use the pop-up window to insert the Name of the bank holiday and the date selector to set the invariant Date.
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To Edit a record from the grid, double click it and use the edit window to insert your updates. Click Save at the top right corner of your screen.
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To Delete a record from the grid, select it and click Delete, at the top right corner of the page.
NOTE The Cancellation Reason Types details are stored by the FTOS_INSPA_CancellationReasonType entity.
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FAQs
Cancellation Reason Types
- Decline by screening.
- Withdrawal.
- Insured death.
- Closed by Claim.
- Cancelled by client.
- Cancelled.
For example, "product no longer available", "change of mind", and so on.
What is a good reason for cancelling an order? ›
“I changed my mind” is the top reason for cancelling an order, according to Statista. High shipping costs and long delivery time are other popular reasons. Customers cancel orders because they feel buyer's remorse, usually immediately after they hit “buy”.
What is a good reason to cancel insurance? ›
Reasons to consider canceling your insurance policy:
You believe you're paying too much for insurance. Your business has changed, and you need different coverage. You're moving out of state, and your current insurer doesn't offer policies in your new location. You're unhappy with the service your insurer provides.
Could you tell a reason for canceling? ›
Customers cancel their subscriptions for many reasons, from experiential issues and dissatisfaction with the product/service to changing economic situations and even outgrowing a product/service requirement.
What are the three types of cancellation? ›
There are three common cancellation methods of cancellation: pro-rata, short-rate, and flat rate.
What is a good sentence for cancellation? ›
Examples of cancellation in a Sentence
The storm caused delays and flight cancellations. Notice of cancellation should be given 30 days in advance. There is a fee for cancellation. Cancellations increased when rates doubled.
What are the different forms of cancel? ›
'cancel' conjugation table in English
- Infinitive. to cancel.
- Past Participle. cancelled or canceled.
- Present Participle. cancelling or canceling.
How to write a cancellation letter for an event
- Format the letter or use a letter template. ...
- Identify the specific event you're referencing. ...
- Thank the guests for their understanding. ...
- Provide information about rescheduling. ...
- Inform recipients about potential refunds. ...
- Conclude and sign the cancellation letters.
I recently ordered (product name) from you, and I would like to cancel if possible. My order number is (order number), and my details are (including information). Please confirm that you have received this email and that my order has been canceled. If you can advise me when I can get a refund, I would appreciate it.
Respond promptly: Send a timely confirmation to let the customer know their request has been received. Express understanding: Let the customer know you respect their decision to cancel. Use phrases like “We understand your decision” or “We respect your choice.”
What are the common reasons for clients to cancel an order? ›
Common reasons for order cancellations
- Out of stock. An item may become unavailable between order and fulfillment. ...
- Shipping delays. Sometimes, orders take longer than expected to arrive. ...
- Payment issues. ...
- Customer request. ...
- Package lost or damaged during shipping. ...
- Seller discretion.
Health or family reasons were among the most reasonable excuses. Conversely, excuses regarding a better offer, such as finding something better to do, were among the most unacceptable reasons to cancel plans. Over 80% of the sample reported feeling annoyed when they found out that an excuse to cancel was a lie.
What do you say when Cancelling insurance? ›
The reason for cancellation is {reason you want to cancel your policy}. The effective date of policy cancellation is {cancellation date}. Please stop automatic payments and refund the unused portion of my premium directly to me the address stated above. I also request written confirmation of the cancellation.
What is cancel for any reason coverage? ›
Unlike trip cancellation coverage, the optional travel insurance cancel for any reason benefit (CFAR) offers partial reimbursem*nt on prepaid, nonrefundable costs if you cancel for any reason, even those not typically covered by your comprehensive travel insurance policy.
What is considered a covered reason for trip cancellation? ›
The most common covered reason is unforeseen illness, injury, or death of the traveler, a traveling companion, or a non-traveling family member. Other common covered reasons include terrorism, inclement weather, or a natural disaster, among others. Not being able to travel as planned is a major concern among travelers.
What is cancel for any reason? ›
A “cancel for any reason” (CFAR) travel insurance add-on upgrades your travel insurance policy to reimburse you for cancellations outside of the company's list of covered reasons, such as weather or simply not wanting to travel.
What are the three stages of cancellation? ›
There are three important stages to every cancellation – the offence, the apology and the outcome.
